Bitcoin Rally Has Already Outlasted 2017 Run

approached $20,000 in 2017 and finally topped the mark in 2020. What drove the rallies, and what happened in the days following the peaks, show how much the market has changed in three years. The digital currency, which has more than tripled in price this year, hit its first record of the year 24 days ago and has continued climbing, trading as high as $24,273 on Sunday. On Wednesday, it closed at $23,299. In previous rallies, such gains have quickly reversed course. Bitcoin bulls say the money fueling this year’s rally is coming from more reliable sources than past rallies. Since September, big new investors have collectively bought about half a million bitcoins, worth about $11.5 billion, according to analytics firm Chainalysis, which tracked the holdings of investors with at least 1,000 bitcoins in wallets that are less than a year old. Notable buyers this year include billionaire investors Paul…

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